SB 560 – Criminalizes residential mortgage fraud

• Sponsor: Shields
• LR Number: 2224S.01I
• Committee: Judiciary and Civil & Criminal Jurisprudence
• Last Action: 2/22/2007 - Second Read and Referred S Judiciary and Civil & Criminal Jurisprudence Committee
• Journal Page: S324
• Effective Date: August 28, 2007

Current Bill Summary

SB 560 - The act criminalizes the act of committing residential mortgage fraud with the intent to defraud.

An individual commits the crime by engaging in the following practices:

• Knowingly making a misrepresentation or omission during the mortgage lending process.

• Knowingly using or facilitating the use of a misrepresentation or omission during the mortgage lending process.

• Reaping any benefit from the making, using, or facilitating the use of such misrepresentation or omission.

• Filing or causing to be filed any document in connection with a mortgage containing a deliberate misstatement, misrepresentation, or omission.

Those in violation are guilty of a Class D felony. Those who engage in a pattern of this type of fraud are guilty of a Class B felony.

CHRIS HOGERTY